The recession gripping Europe now threatens to evolve into an intractable stagnation that would threaten the entire world economy, the Organization for Economic Cooperation and Development said. The organization lowered its economic forecast for the eurozone, projecting 0.6% shrinkage this year rather than the 0.1% pullback projected six months ago and reversing an outlook for nearly 1% growth issued a year ago.

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The Hindu (India)

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